FinTech Voice December 8, 2022
Dear Community,As we wrap up the year and some of us plan for a short break, I wanted to say a quick thank you again for all your support.Post the AGM, we welcomed newly elected board member Christian, co-founder and CEO of Monoova and a new team member, Rachel Hopping, who is our new Head of Strategic Partnerships. We’re excited for what we plan to build for the community next year.Our team will be on leave from 22 December until 6 January but will be available for urgent queries on email.For any queries and support, please reach out to us.Regards,Rehan D’Almeida,General Manager,FinTech Australia
The third edition of ‘The State of Open Banking’ is packed with research, insights, interviews & case studies to help you make better decisions about your Open Banking strategy.Learn from early adopters, access consumer research, dive into our data quality analysis and more.
Download the State of Open Banking 2023.
Legislation introduced to enable Consumer Data Right action initiation
The Government has introduced legislation to enable action initiation under the Consumer Data Right. This long awaited expansion to the functionality of the CDR is expected to unlock a range of new use cases including opening or closing accounts, switching, changing your details or making a payment.The Government is expected to consult on designating specific action types, like payment initiation, in the coming months.
If you are interested in hearing more about CDR action initiation, please check out our recent webinar with Adatree on 'Action Initiation and the Future of the CDR'.
Non-bank lending sector designated for the Consumer Data Right
Minister Jones has now designated the non-bank lending sector as subject to the CDR.Although this expands the CDR to non-bank lenders, the Designation Instrument itself does not impose data sharing obligations. These obligations will be imposed through subsequent changes to the CDR Rules.Treasury and the Data Standards Body have already released a 'design paper' to consult on these changes to the CDR Rules and Standards.Treasury is proposing to limit data sharing obligations to non-bank lenders that have total resident loans and finance lease balances of over $400 million. The de minimis threshold aims to exclude most smaller entities, while requiring the larger entities that make up a substantial market share of the lending sector to participate.
Submissions are due by the end of January 2023. FinTech Australia will make a submission.
Legislation introduced to modernise business communications
The Government has introduced legislation which will permit all documents which are required or permitted to be signed under the Corporations Act to be signed electronically. The Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2022 also implements the the Government’s response to Australian Law Reform Commission’s Interim Report on addressing unnecessary complexity in the Corporations Act.
Current consultations
We are currently developing submissions to consultations on:
- CDR Non-bank lending sector design paper;
- AUSTRAC's draft guidance on de-banking;
- Senate References Committee Inquiry into ASIC;
- Treasury's BNPL Options Paper;
- APRA's proposals for PPF minimum capital requirements.
We have recently made submissions on:
- Treasury's draft legislation to enable CDR action initiation;
- ASIC Industry Funding Model Discussion Paper;
- Senator Bragg's private bill on digital assets regulation;
- DESE's Startup Year Consultation Paper.
See our recent submissions on our website.FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved in these processes are distributed to our Policy Working Group membership.
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